Press release by IASB/IFRS Foundation – The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (the Board), today announced the reappointment of Takatsugu (Tak) Ochi for a second, three-year term and the retirement of Pat Finnegan, both effective 30 June 2016.

Mr Ochi was first appointed to the Board in July 2011. He is from Japan and has previously served as Assistant General Manager, Financial Resources Management Group of Sumitomo Corporation and as a Member of the IFRS Interpretations Committee. His second term will expire on 30 June 2019.

Mr Finnegan was appointed to the Board in July 2009, having previously served as Director of the Financial Reporting Policy Group at CFA Institute Centre for Financial Market Integrity and as a former Managing Director of Moody’s Corporate Finance Group. He was reappointed to serve a second term in July 2014, but he has indicated a desire to return to the United States.

Michel Prada, Chair of the IFRS Foundation Trustees, said:

Tak and Pat have contributed greatly to the achievements of the Board during their period as Board members.

Tak’s deep understanding of the Asian environment has served the Board well as the large economies from that region have taken big steps towards adopting IFRS Standards. I congratulate him on his reappointment to serve a second term.

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Pat has played a leading role in the Board’s work to deepen its co-operation with the investor community around the world. We very much appreciate the significant contribution he has made in the past seven years, and wish him all the best in his new endeavours.

Following this announcement and the previous statement on the reappointment of Hans Hoogervorst as Chairman and the retirement of Ian Mackintosh as Vice-Chairman, the membership of the Board will be as follows:

[Name, Title, Designation, Term expires]

Hans Hoogervorst, Chairman, At large, Second term ends 30 June 2021

Ian Mackintosh, Vice-Chairman, Asia-Oceania, Steps down 30 June 2016

Steve Cooper, Member, Europe, Second term ends 31 July 2017

Philippe Danjou, Member, Europe, Second term ends 31 October 2016

Martin Edelmann, Member, Europe, First term ends 30 June 2017

Pat Finnegan, Member, North America, Steps down 30 June 2016

Amaro Gomes, Member, South America, Second term ends 30 June 2019

Gary Kabureck, Member, North America, First term ends 30 June 2017

Sue Lloyd, Member, At large, First term ends 30 June 2018

Takatsugu Ochi, Member, Asia-Oceania, Second term ends 30 June 2019

Darrel Scott, Member, Africa, First term ends 30 June 2018

Chungwoo Suh, Member, Asia-Oceania, First term ends 30 June 2017

Mary Tokar, Member, North America, First term ends 30 June 2017

Wei-Guo Zhang, Member, Asia-Oceania, Second term ends 30 June 2017